Hostel booking platform for students and corpers, MyPadi.ng have received an amount of seed funding from investors, EchoVC. The platform, which was part of the 2016 Ventures platforms cycle, and an alumni of the TechPoint build event, have not disclosed the amount received, but says it is in the range of a 5-digits expressed in dollars.
myPadi helps students to book hostels & find roommates online in just a few clicks. There are up to 4000 rooms listed on the platform, which cuts across 62 schools in Nigeria. Formerly Studacom, myPadi, almost a 1 year old have helped hundreds of students to find their perfect home away from home.
The investor, EchoVC have shown great optimism as regards the investment made.
“We are very excited about our investment in myPadi and in a market that has been estimated to be worth US$20 billion per year. The inadequate supply of student hostels in universities across Africa has created a great need for off-campus student accommodation and myPadi provides an elegantly organized solution to this problem; we see myPadi as the future go-to platform for all student needs,” said Uche Ogboi, associate principal for investments at EchoVC.
EchoVC are an experienced seed, early stage & growth technology venture capital fund operating in sub-Saharan Africa and North America. Before now, they have invested in start-ups like Hotels.ng, S & T media, Printivo, Ma3Route, Frontier Car Group, Gro Intelligence and more. Outside Africa, Life360, Talkable are just a few of the many start-ups they have invested in.
The hostel booking market for students is a pretty large one, which also have other players like OffKrent.com led by Alao Tope and RentHostel.com. But then, these are surely the leaders both in terms of market share and as a result, revenue.